Movado Shares Drop 15% On Earnings Decline

(RTTNews) - Shares of luxury watchmaker Movado Group, Inc. (MOV) are falling more than 15% Thursday morning after reporting lower profit in the fourth quarter.

Net income for the fourth quarter was $22.7 million, or $1.00 per share, lower than $31.4 million, or $1.33 per in the same quarter a year ago. Excluding one-time items, earnings were $23.3 million, or $1.03 per share.

Quarterly sales decreased to $194.3 million from $206 million last year, impacted primarily by decline in wholesale revenue.

MOV, currently at $27.76, has traded in the range of $27.25-$41.75 in the last 1 year.